Notice on Adjustments to the Municipality’s HPF Personal Account Deposit Interest Rates
SHGJJ NO. 16-2016
To Shanghai Branch of China Construction Bank:
In accordance with Notice of the People’s Bank of China, Ministry of Housing & Urban-Rural Development and Ministry of Finance on Bettering Housing Provident Fund Personal Account Deposit Interest Rate Formation Mechanism (BI No. 43-2016), we hereby notify you of relevant issues pertaining to the adjustments to the Municipality’s housing provident fund personal account deposit interest rates as follows:
As of 21 February 2016, the current collection time based housing provident fund personal account deposit interest rates, tantamount to the prevailing demand deposit rate and three-month time deposit benchmark rate respectively, shall be replaced by the unified rate equivalent to the prevailing one-year time deposit benchmark rate for interest calculation.
Please proceed accordingly.
Shanghai Provident Fund Management Center
18 February 2016
Addendum:
A Summary of Adjustments to HPF Deposit Interest Rates (unit: annual interest rate %)
Descriptions | Before Adjustments | After Adjustments |
Current | 0.35 | 1.50 |
Carryover from previous year | 1.10 |